§ 473. Prohibition. A private transfer fee obligation recorded or
entered into in this state on or after the effective date of this
section does not run with the land and is not binding on or enforceable
at law or in equity against any owner, purchaser, or mortgagee of any
interest in real property as an equitable servitude or otherwise. Any
private transfer fee obligation that is recorded or entered into in this
state on or after the effective date of this section is void and
unenforceable. This section shall not apply to a private transfer fee
obligation recorded or entered into prior to the effective date of this
section. This section shall not be deemed to require that a private
transfer fee obligation recorded, filed or entered into in this state
before the effective date of this section is presumed valid and
enforceable. It is the public policy of this state that no private
transfer fee obligation shall be valid or enforceable whenever entered
into, recorded or filed. Furthermore, this article shall not validate
any private transfer fee agreement that is contrary to the law of this
state.